Global Economy and International Trade

Which period marks the origin of the global economy due to the expansion of long-distance trade?

Trade liberalization primarily involves increasing restrictions on the exchange of goods between nations.

Define protectionism in the context of international trade.

A(n) ________ is a total ban on specific goods, often implemented to prevent the import of dangerous items.

Match each type of protectionism with its description:

Which typology categorized nations into First World, Second World, and Third World?

Developed countries are characterized as being the least industrialized and primarily agricultural.

Name the three categories of nations based on wealth and poverty, according to global stratification.

Nations in Central and South America, Eastern Europe, and parts of Africa and Asia are categorized as ________ income nations.

Match the country type to the description:

According to Modernization Theory, what allowed rich nations to become wealthy early on?

Dependency theory suggests that poor nations were never conquered or colonized.

What is the main argument of Dependency Theory regarding the economic status of poor nations?

According to World System Theory, some nations become modernized by ________ other nations.

Match the following concepts from World System Theory with their descriptions:

Which of the following is NOT one of the five institutions in the Modern World System according to Wallerstein?

In Wallerstein's view, households consist of one or two persons who pool income to survive collectively.

Name at least three sources of income pooled by households, according to Wallerstein's analysis of the modern world system.

According to Koester (2000), market integration involves attempts to combine separate national ________ into larger economic ________.

Match each type of market integration with its description:

Which form of economic integration involves reducing barriers to trade among member countries to zero, but allows each member country to decide on the external rate of tariff for its trade with non-member countries

A customs union allows for the free movement of labor and capital within the member countries.

Which form of economic integration represents the highest level and includes integrated monetary, fiscal, and other policies?

The World Trade Organization (WTO) was formerly known as the General Agreement on ________ and Trade (GATT).

Match the WTO function with its description:

Which of the following is a primary function of the International Monetary Fund (IMF)?

The World Bank primarily offers short-term loans to stabilize exchange rates.

What are the typical characteristics of a global corporation?

A transnational company (TNC) operates in multiple countries without a strong ________ headquarters.

Match the global corporation type with its approach:

According to Surugiu and Surugiu (2015), what defines economic interdependence?

According to Davis (study.com), most companies are 100% self-sufficient and not part of any trading network.

What is the 'electronic herd,' according to Friedman (2000)?

According to Friedman (2000), the Golden Straitjacket, to fit into, much make the ________ sector the primary engine of its economic growth.

Match each principle with the 'Golden Straitjacket' rule:

What is the key difference between economic and political integration?

Political integration is a more informal, societal-driven process that removes trade and investment barriers.

Name three regional economic partnerships/institutions that foster growth among member countries.

The Association of Southeast Asian Nations (ASEAN) was established in ________, Thailand.

Match the organization

What is the primary focus of the Organisation for Economic Co-operation and Development (OECD)?